Abbott recognised for responsible global citizenship efforts
Abbott recognised for responsible global citizenship efforts
More and more enterprises have realised that they gain strength and become more sustainable by empowering the societies in which they work. Therefore, many companies today are making conscious efforts to put sustainable practices into action. For Abbott, the global healthcare company who was recognized for corporate responsibility by Dow Jones Sustainability Index (DJSI) for 10 consecutive years, responsible global citizenship is an integral part of its mission to improve people’s lives around the world.
Named by the most prestigious global benchmark
Launched in 1999, the DJSI is the first global index to track the financial performance of the leading sustainability-driven companies worldwide based on an analysis of financially material economic, environmental, and social factors. For that reason, global investments funds count on DJSI to evaluate and categorize investment portfolios as an important element for their decision making.
This year was also the second consecutive year that Abbott has been named the leading company in its industry, Healthcare Equipment and Supplies. The company’s overall score of 83 was more than double the average score of 41 for other companies in the industry. Moreover, in the overall DJSI analysis, Abbott earned the highest industry scores for economic and social performance and ranked higher than 92 per cent of its peer group companies for environmental performance.
At the same time, Abbott has been named among the 100 Best Corporate Citizens by Corporate Responsibility magazine for six straight years, while its responsible citizenship has been recognised in countries all over the world.
The number of honours Abbott has received reflects to its actionable sustainability strategies that “fulfil our potential as a company by helping others to fulfil theirs” as Miles D. White, Abbott chairman and CEO stated.
Developing with the sustainable strategy
By using a materiality analysis to identify and prioritize interests, Abbott addresses three areas that are Delivering Product Excellence, Improving Access and Safeguarding the Environment in its pursuit to citizenship approach.
Accordingly, Abbott has a longstanding commitment in providing advanced science-based healthcare solutions to meet customers’ needs by investing into R&D and innovations. The priority “Delivering Product Exellence” from global scale to certain local nations, specically in key emerging markets like Vietnam.
Last year alone Abbott spent $1.5 billion on R&D. Thanks to such investments, in nutrition business only, it has increased the number of new products it releases annually five times since 2008.
Not only research and provide science-based products, in terms of the ‘Improving Access’ priority, Abbott has also worked with a range of partners , leveraged their expertise to aid patients and consumers in the prevention and treatment of many diseases and improving health conditions. For example, it has cooperated with hospitals and healthcare organizations to help patients and consumers better understand how essential the role of nutrition is for health and well-being.
Besides the two priorities utilizing its long heritage and expertise in healthcare industry, Abbott also addresses environmental issues in its citizenship approach. The company has worked to reduce its global environmental impacts through environmental stewardship initiatives in order to protect the planet while improving efficiency, reducing costs and preserving its ability to do business in the future.
From global approach to local actions
This year also marks 20 years Abbott has been a responsible citizen in Vietnam. Annually, more than 619,000 patients benefit from the company’s educational programmes and 26,400 physicians have been trained through Abbott’s forums, seminars and in-hospital events. In the course of 20 years, Abbott and its foundation - the Abbott Fund - have also provided nearly VND200 billion (over $9.3 million) in grants and product donations to Vietnam towards improving nutrition, training healthcare providers, and helping to strengthen the healthcare system in general.
Key highlight programs should include its efforts in supporting the country to combat with malnutrition, in which, Giao Diem Pediatric Nutrition Program supported nutrition for over 23,000 children and helped to reduce prevalence of malnutrition among participating children to less than 10 percent on average, and Abbott Foundation Institute of Nutrition Science (AFINS) – an in-service training on clinical nutrition for more than 1,200 staffs of Bach Mai Hospital and other provincial hospitals.
Those programs and activities are the evidences for Abbott’s great efforts in continuously pursuing sustainable development. Then, not only Abbott is growing but also the communities will receive more benefits from its responsible strategy.
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